Latest News
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Source: US Treasury will extend sanctions waiver on Russian oil shipped by sea
A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then subsequently extended it. The waiver was issued first in March to alleviate oil shortages and reduce price spikes caused by U.S. and Israeli attacks on Iran. The move has not reduced oil prices much, but it has helped India. India was one of the biggest buyers of Russian crude oil before the U.S. imposed severe sanctions on Russian oil companies to pressure Moscow for its war in Ukraine. The benchmark Brent oil futures price?rose 1.5% on Monday to $111 per barrel. This was due to the continued supply concerns that outweighed the Russian waiver and the report by an Iranian news agency?that the U.S. is considering lifting temporary sanctions against Iranian oil in?negotiations about peace talks?. Scott Bessent of the U.S. Treasury Department, who is attending a meeting of finance leaders of the Group of Seven in Paris, said that he wants G7 and allies to enforce Iran sanctions more strongly. Bessent said to reporters: "We urge all G7 members, as well as allies and the rest of the world, to adopt the sanctions regime so that we may 'crackdown on illicit financing that fuels the Iranian war machines and return this money to the Iranian people." (Reporting and writing by David Lawder, Makini Brice, Editing by Aidan Lewis).
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Chile's economy suffers its sharpest contraction since the end of 2022 due to mining decline
Official data shows that Chile's economy suffered its biggest annual decline in over three years during the first quarter. The main mining sector was hit hard by lower copper grades, adverse weather and other factors. The central bank released data on Monday showing that the gross domestic product fell 0.5% year-on-year in the period, compared to the 0.1% expected. This was a slowdown from the 1.6% increase seen in the final quarter of 2025. Inflation spiked in March and April. This posed a challenge for policymakers who were trying to balance the sluggish economy with inflation caused by the war in Iran. Kimberley Sperrfechter, Capital Economics analyst, said that "the weak GDP reading might temper some of more hawkish voices?on the central banks. But?we believe policymakers will continue to focus on inflation." The economy of the world's largest copper miner contracted by 2% in the fourth quarter, the most since the end of 2022. Chile's central banks said that the annual contraction was mainly due to a decline of 5.4% in agriculture and forestry and a drop of 3.1% in the mining sector. The bank stated that the decline in mining activity was due to copper mining, but the growth of the mining sector was due to lithium, gold and silver mining. The report said that lower grade copper, bad weather conditions, and maintenance reduced production. The Andean country's economy contracted 0.3% during the first quarter compared to the previous three month period. This is a decline from a 0.5% growth?the previous quarter, and only slightly above the 0.2% contraction predicted in a poll. poll. The world's biggest copper miner also saw its economic activity decline by 1.3% in the quarter. Reporting by Aida Peaez-Fernandez, Natalia Ramos and Alexander Smith; Editing by Alistair Bell and Gabriel Araujo
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London court blocks oil contracts with South Sudan until debt repayment is made
London's High Court ruled Friday that South Sudan cannot enter into new?oil?prepayment contracts until it clears outstanding debts with commodity??trading???house BB Energy. A second hearing will be held on June 5th. BB Energy began a legal challenge last year through the London courts against South Sudan for allegedly failing to deliver oil purchased under prepayment agreements in 2024 or 2025. The court document read by states that a second hearing will be held on June 5 to discuss?the decision, since the first hearing was conducted?without the presence of defence lawyers. The penal notice states that South Sudan must not accept any new prepayments from third parties until this date or earlier if it clears its debts. The court also added that anyone who violates the order and allows the defendants, knowing about the order, could be found in contempt of the court. They could face imprisonment, a fine or assets being seized. The case against South Sudan shows the risks commodity traders are taking when they enter into prefinance contracts to secure oil offtake. Santino Ayuel Longar, the South Sudanese Ministry of Petroleum Undersecretary and Ateny Wek Ateny, the government spokesperson did not respond immediately to our request for comment. BB ENERGY LET ONE COURT INSTANTION EXPIRE LAST NOVEMBER BB Energy let a court order expire for a South Sudanese 'oil cargo, after reaching an amicable agreement with the Ministry of Petroleum to settle its claims. BB Energy said that it loaded a cargo?in february this year, as part of a prepayment contract for?2025. However, it stated it hasn't received any oil since. This Court Order is a positive step that will help the Republic of South Sudan honour its obligations to BB Energy. It should also prevent further prepayment arrangements between third parties and BB Energy.
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Valterra Platinum reports healthy input inventories despite Middle East conflict
The CEO of Valterra Platinum in South Africa said that despite the uncertainty caused by the U.S./Israeli war against 'Iran', they were able to maintain healthy stock levels for critical operational inputs such as diesel, lubricants and other 'critical' items. It is essential that mines have a stable supply of lubricants, explosives and diesel. These disruptions, especially during geopolitical tensions which can disrupt global fuel supplies, can lead to operational delays and higher costs. Craig Miller said on the sidelines London Platinum Week that he had engaged with his local suppliers extensively to ensure they were supplying enough diesel, lubricants and explosives. I'm happy to say that we have been able to keep a healthy inventory of these critical materials." Valterra has also identified alternative suppliers to mitigate any potential supply risks. He added, "We don't need to call on these additional suppliers yet." South Africa's platinum-group metals producers could also be affected by disruptions in the jet fuel markets due to their heavy reliance on foreign fuels. Since the beginning of the Iran war, platinum traders have been focused on the?levels of jet fuel stock and the overall supply to?South Africa. Miller stated that Valterra doesn't purchase?jet fuel but said the company is discussing with its customers how they can prepare for possible?disruptions in supply. Valterra completed a spinoff from its parent company Anglo American in May of last year.
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Protests erupt over Kenya fuel price hikes, strike strands commuters
On Monday, protests against fuel price increases sparked by the Iran War erupted across several Kenyan cities. This included a nationwide strike on public transport that left commuters stranded and forced some people to walk into work. Transport Sector Alliance announced on Sunday that its member associations' vehicles would cease?operation at midnight to protest the latest price hike, and police would take action against any disruptions. Kenya's Energy and Petroleum Regulatory Authority raised retail fuel costs by up to 23.5% last week, after increasing them by 24.2% a month ago. The conflict in the Middle East is squeezing global oil and natural gas supplies. Striking transport operators and scattered protesters blocked roads leading into Nairobi on?Monday's morning. Some protesters set fire to tyres in order to block access to major roads. This caused congestion, and left many commuters stranded. The strike in Mombasa, Kenya’s largest port city, has raised concerns about supply chain delays. John Mbadi, Finance Minister of the Republic of Congo, told Citizen TV that the energy and finance ministries would meet with public transport operators later on Monday in order to find a solution. He noted that current prices are already subsidised. Kenya imports nearly all its fuel products from the ?Middle East via government-to-government deals with Gulf suppliers. Fuel price increases have pushed up basic goods and risen transport costs, adding to the pressure of households already struggling under the burden of high living costs. Gabriel Odhiambo (24), a 24 year old public relations worker, said that his transport costs have doubled. He also claimed that food prices are on the rise. Four tomatoes cost 60 shillings, or 50 cents. This is a triple increase. Kenya increased the price of super petrol at the Nairobi pump to 214.25 Kenyan Shillings ($1.66) per litre for the period May 15-June 14. Kerosene remained unchanged at 152.78 Kenyan Shillings. $1 = 129.2000 Kenyan Shillings
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Kremlin: Gas pipeline proposal is on agenda for Putin-Xi Summit
On a visit to 'China' this week, Russian President Vladimir Putin is expected to discuss all aspects of bilateral ties with Chinese President Xi Jinping, including the proposed Power of Siberia 2 pipeline. Yuri Ushakov told reporters that Putin would arrive in China Tuesday evening, and will meet Xi on Wednesday morning. The Russian delegation includes senior officials, as well as the heads of major companies such as Rosneft, Novatek, and Gazprom. The Power of Siberia 2 project, which has been long discussed, could deliver 50 billion cubic meters (bcms) more of gas annually from Russia's Arctic Gas Fields via Mongolia to China. Ushakov stated that the close relationship between?Moscow' and Beijing was becoming more important in light of global crises. He said that Russia increased oil supplies to China by over a third in the first quarter this year. Ushakov, the Kremlin chief, said that the timing of both visits was just a coincidence. (Reporting and writing by Vladimir Soldatkin, Editing by Mark Trevelyan).
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Nigerian fuel marketers respond to Dangote's lawsuit regarding import licenses
Fuel marketers in Nigeria have protested against a suit filed by Dangote Petroleum Refinery to invalidate import licenses. They warned that the move could disrupt supply and competition in Africa's biggest oil market. Dangote filed a new suit last week against the Nigerian Government, reporting, challenging permits granted to marketers and to state oil firm NNPC for imports of refined products. He argued that these permits undermine Dangote’s $20 billion refinery?and risk entrenching efficiencies. The refinery had previously asked for limits on imports. It claimed that it could meet the domestic demand. The Depot and Petroleum Product Marketers Association (DAPPMAN), however, said that the licenses granted by Nigerian Midstream & Downstream Petroleum Regulatory Authority were not "administrative courtesies", but rather legal tools supporting the fuel supply chain in the country. DAPPMAN?said that the Petroleum Industry Act empowers regulators to issue licenses when necessary to ensure the security of supply. The statement said that the licences were issued to protect the supply and not to harm any one producer. The group warned that retroactively voiding permits would destabilize the downstream sector where companies had invested heavily in logistics and storage networks based on existing approvals. DAPPMAN said: "We respect Dangote’s right to seek legal remedies." What we do not accept, however, is the notion that a refinery's commercial interest should override the mandate of a regulator. Nigeria has long been a'major crude producer', but it is reliant on imported oil. The Dangote Refinery, which started processing crude in 2024 is seen as a key to reducing this dependence, although supply dynamics and pricing remain controversial. DAPPMAN stated that it would consult with legal counsel and the relevant authorities. It argued that the market should be competitive and open to many participants. (Reporting from Isaac Anyaogu).
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EU rejects Italy's call for more flexible budget rules
The European Commission rejected on Monday the?calls of Italy for more lenient budget rules?on energy related spending. They said that member states should use existing resources and tools to combat the negative impacts of the turmoil in Middle East. Giorgia Mello wrote to the EU Commission's Ursula von der Leyen on Sunday, stating that Italy would be able to drop its plans to use the EU SAFE defense scheme if it was not given budget flexibility on energy. This marked a diplomatic uptick with Brussels. When asked about the letter by a member of the EU Commission, the spokesperson referred to "several EU investment programs and funds such as the Cohesion Policy or Next Generation EU". Security Action for Europe is a joint borrowing scheme backed by EU budgets to increase the defence capabilities of the EU and assist member states in meeting more ambitious NATO expenditure targets. CLAUSE ESCAPE Italy, which is heavily dependent on imported oil and energy, is especially vulnerable to disruptions caused by conflict in Iran. Meloni's letter calls on the Commission to give member states the same budget flexibility to reduce the rising energy costs that is currently permitted for defence expenditure. Meloni wrote that without this consistency in politics, the Italian government would find it difficult to explain to the public the reasons why they might use the SAFE program. The European Union has a clause that allows for countries to increase their deficits up to 1.5% per annum of GDP until 2028. If the clause was extended to include energy-related spending, Italy could potentially fund aid measures totaling more than 34.90 billion euros. Rome would then have to abandon its plans for reducing its budget deficit below the EU ceiling of 3% GDP this year. Italy warned last month that it may not be able honour its commitments for a boost in defence spending because of the need to combat surging energy prices. Meloni wrote von der Leyen: "We can't justify that the EU is allowing financial flexibility to be used for security and defence, but not in order to protect workers, families, and business from a new crisis of energy, which threatens to cause a serious blow to the economy."
Prince William will sell a portion of his royal estate and reinvest the proceeds in local communities
Prince William of Britain will sell parts of his vast Duchy of Cornwall Estate?over a decade to fund plans to invest more than 500 million pounds ($670 millions) in local communities, including affordable housing.
The Times newspaper reported that the sales amounted to 20% of an estate owned by one of Britain's largest landowners. This portfolio includes large tracts of land, as well as residential and commercial properties.
Will Bax said, "The Duchy exists to make a positive difference, especially in communities where we are able to'make the most difference.
"This ambition requires a?significant amount of investment, and in some cases means rebalancing our assets to?have the greatest impact on our communities now and in future."
Bax stated that the money will be "largely funded through reinvesting of capital across the Duchy along with development income, partnerships, and some borrowing."
William, who last year received a private income of more than 20 millions pounds from the duchy, and his father, King Charles, have both?in the past faced criticism for the way they?managed their estates. Aides claim that William has closely examined the management of the Duchy after inheriting it in 2022.
A Sunday Times report and a separate TV documentary in 2024 accused Charles and William of making millions from the country's army, schools, and health service by charging their estates.
The Duchy then reduced rents for several charity and community tenants. $1 = 0.7472 pound (reporting by William James, editing by Michael Holden).
(source: Reuters)